UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
January 6, 2020

The Goldman Sachs Group, Inc.

(Exact name of registrant as specified in its charter)
Delaware No. 001-14965 No. 13-4019460
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
200 West Street,
New York, N.Y. 10282
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (212) 902-1000
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Exchange
Trading on which
Title of each class Symbol registered
Common stock, par value $.01 per share GS NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series A GS PrA NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series C GS PrC NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series D GS PrD NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of 5.50% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series J GS PrJ NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of 6.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K GS PrK NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of 6.30% Non-Cumulative Preferred Stock, Series N GS PrN NYSE
5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II GS/43PE NYSE
Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III GS/43PF NYSE
Medium-Term Notes, Series A, Index-Linked Notes due 2037 of GS Finance Corp. GCE NYSE Arca
Medium-Term Notes, Series B, Index-Linked Notes due 2037 GSC NYSE Arca
Medium-Term Notes, Series E, Index-Linked Notes due 2028 of GS Finance Corp. FRLG NYSE Arca

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the
Exchange Act (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 TABLE OF CONTENTS

Item 8.01 Other Events

Signature
Item 8.01 Other Events.

The Goldman Sachs Group, Inc. (together with its consolidated subsidiaries, the firm) has made certain changes to its business segments, commencing
with the fourth quarter of 2019.

Prior to the fourth quarter of 2019, the firm had the following four business segments: Investment Banking, Institutional Client Services, Investing &
Lending, and Investment Management.

Beginning with the fourth quarter of 2019, the firm will report its results in the following four business segments: Investment Banking, Global Markets,
Asset Management, and Consumer & Wealth Management. The business segments and their revenue sources are presented below:

Prior results beginning with the firm’s 2017 fiscal year are presented on a comparable basis in the tables on pages 4 - 5.

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The primary changes made were as follows:

• Investing & Lending results are now included across the four segments as described below.

• Investment Banking additionally includes the results from lending to corporate clients, including middle-market lending, relationship lending and
acquisition financing, previously reported in Investing & Lending. These results are included within Corporate lending.

• Institutional Client Services has been renamed Global Markets and additionally includes the results from providing warehouse lending and
structured financing to institutional clients, previously reported in Investing & Lending, and the results from transactions in derivatives related to
client advisory and underwriting assignments, previously reported in Investment Banking.

• Investment Management has been renamed Asset Management and additionally includes the results from investments in equity securities and
lending activities related to the firm’s asset management businesses, including investments in debt securities and loans backed by real estate, both
previously reported in Investing & Lending.

• Consumer & Wealth Management is a new segment that includes management and other fees, incentive fees and results from deposit-taking
activities related to the firm’s wealth management business, all previously reported in Investment Management. It also includes the results from
providing loans through the firm’s private bank, providing unsecured loans and accepting deposits through the firm’s digital platform, Marcus: by
Goldman Sachs, and providing credit cards, all previously reported in Investing & Lending.

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The firm’s four business segments are now as follows:

Investment Banking, which is comprised of:

• Financial advisory, which includes strategic advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense
activities, restructurings and spin-offs.
• Underwriting, which includes:
• Equity underwriting, which includes public offerings and private placements of common and preferred stock and convertible and exchangeable
securities.
• Debt underwriting, which includes investment-grade and high-yield debt offerings, bank and bridge loans, and the structuring of asset-backed
securities.
• Corporate lending, which includes lending to corporate clients, including middle-market lending, relationship lending and acquisition financing.

Global Markets, which is comprised of:

• Fixed Income, Currency and Commodities (FICC), which includes:
• Market intermediation, which includes client execution activities related to making markets in interest rate products, credit products,
mortgages, currencies and commodities.
• Financing, which includes providing financing to clients through repurchase agreements, as well as through structured credit, warehouse and
asset-backed lending.
• Equities, which includes:
• Market intermediation, which includes client execution activities related to making markets in equity products, as well as commissions and fees
from executing and clearing institutional client transactions.
• Financing, which includes prime brokerage and other equities financing activities, including securities lending, margin lending and swaps.

Asset Management, which is comprised of:

• Activities related to managing institutional and third party distribution assets across traditional and alternative asset classes, which generate:
• Management and other fees
• Incentive fees
• Equity investments, which includes alternative investing activities related to public and private equity investments in corporate, real estate and
infrastructure entities, as well as making investments through consolidated investment entities, substantially all of which are engaged in real estate
investment activities.
• Lending, which includes lending activities related to the firm’s asset management businesses, including investments in debt securities and loans
backed by real estate.

Consumer & Wealth Management, which is comprised of:

• Wealth management, which includes:
• Management and other fees related to managing assets, providing investing and wealth advisory solutions, providing financial planning and
counseling, and executing brokerage transactions for wealth management clients.
• Incentive fees related to managing assets for wealth management clients.
• Private banking and lending, which includes lending and deposit-taking activities for wealth management clients.
• Consumer banking, which includes lending and deposit-taking activities through Marcus: by Goldman Sachs, as well as providing credit cards.

These changes to the firm’s business segments have no effect on the firm’s historical total net revenues, total provision for credit losses, total operating
expenses and total pre-tax earnings in the consolidated statements of earnings. Prior period segment results have been conformed to the new business
segments.

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The Goldman Sachs Group, Inc. and Subsidiaries
Operating Results by Segment (unaudited)
$ in millions
THREE MONTHS ENDED
SEPTEMBER 30, JUNE 30, MARCH 31, DECEMBER 31,
2019 2019 2019 2018
INVESTMENT BANKING
Financial advisory $ 697 $ 771 $ 874 $ 1,198

Equity underwriting 366 476 262 307

Debt underwriting 524 514 482 437
Underwriting 890 990 744 744

Corporate lending 254 187 128 251

Net revenues 1,841 1,948 1,746 2,193
Provision for credit losses 91 81 86 36
Operating expenses 972 1,050 1,005 1,104
Pre-tax earnings $ 778 $ 817 $ 655 $ 1,053

GLOBAL MARKETS
FICC intermediation $ 1,315 $ 1,440 $ 1,872 $ 757
FICC financing 364 262 366 330
FICC 1,679 1,702 2,238 1,087

Equities intermediation 1,080 1,154 1,161 897

Equities financing 784 860 641 625
Equities 1,864 2,014 1,802 1,522
Net revenues 3,543 3,716 4,040 2,609
Provision for credit losses 16 (4) 3 7
Operating expenses 2,377 2,685 2,748 2,340

Pre-tax earnings $ 1,150 $ 1,035 $ 1,289 $ 262

ASSET MANAGEMENT
Management and other fees $ 660 $ 667 $ 607 $ 629
Incentive fees 24 31 30 67
Equity investments 596 1,499 805 951
Lending 341 351 351 327
Net revenues 1,621 2,548 1,793 1,974
Provision for credit losses 81 60 13 47
Operating expenses 1,176 1,247 1,103 818
Pre-tax earnings $ 364 $ 1,241 $ 677 $ 1,109

CONSUMER & WEALTH MANAGEMENT

Management and other fees $ 881 $ 833 $ 794 $ 830
Incentive fees 21 13 28 86
Private banking and lending 199 187 203 202
Wealth management 1,101 1,033 1,025 1,118

Consumer banking 217 216 203 186

Net revenues 1,318 1,249 1,228 1,304
Provision for credit losses 103 77 122 132
Operating expenses 1,091 1,138 1,008 888
Pre-tax earnings $ 124 $ 34 $ 98 $ 284

TOTAL
Net revenues $ 8,323 $ 9,461 $ 8,807 $ 8,080
Provision for credit losses 291 214 224 222
Operating expenses 5,616 6,120 5,864 5,150
Pre-tax earnings $ 2,416 $ 3,127 $ 2,719 $ 2,708

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The Goldman Sachs Group, Inc. and Subsidiaries
Operating Results by Segment (unaudited)
$ in millions
NINE MONTHS ENDED YEAR ENDED
SEPTEMBER 30, DECEMBER 31, DECEMBER 31,
2019 2018 2017
INVESTMENT BANKING
Financial advisory $ 2,342 $ 3,444 $ 3,161

Equity underwriting 1,104 1,628 1,235

Debt underwriting 1,520 2,358 2,680
Underwriting 2,624 3,986 3,915

Corporate lending 569 748 383

Net revenues 5,535 8,178 7,459
Provision for credit losses 258 124 34
Operating expenses 3,027 4,473 3,613
Pre-tax earnings $ 2,250 $ 3,581 $ 3,812

GLOBAL MARKETS
FICC intermediation $ 4,627 $ 5,737 $ 5,067
FICC financing 992 1,248 1,151
FICC 5,619 6,985 6,218

Equities intermediation 3,395 4,681 4,000

Equities financing 2,285 2,772 2,077
Equities 5,680 7,453 6,077
Net revenues 11,299 14,438 12,295
Provision for credit losses 15 52 178
Operating expenses 7,810 10,585 9,981
Pre-tax earnings $ 3,474 $ 3,801 $ 2,136

ASSET MANAGEMENT
Management and other fees $ 1,934 $ 2,612 $ 2,329
Incentive fees 85 384 296
Equity investments 2,900 4,207 4,405
Lending 1,043 1,632 1,500
Net revenues 5,962 8,835 8,530
Provision for credit losses 154 160 322
Operating expenses 3,526 4,179 3,773
Pre-tax earnings $ 2,282 $ 4,496 $ 4,435

CONSUMER & WEALTH MANAGEMENT

Management and other fees $ 2,508 $ 3,282 $ 3,156
Incentive fees 62 446 121
Private banking and lending 589 826 790
Wealth management 3,159 4,554 4,067

Consumer banking 636 611 379

Net revenues 3,795 5,165 4,446
Provision for credit losses 302 338 123
Operating expenses 3,237 4,224 3,574
Pre-tax earnings $ 256 $ 603 $ 749

TOTAL
Net revenues $ 26,591 $ 36,616 $ 32,730
Provision for credit losses 729 674 657
Operating expenses 17,600 23,461 20,941
Pre-tax earnings $ 8,262 $ 12,481 $ 11,132

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 SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

THE GOLDMAN SACHS GROUP, INC.

(Registrant)

Date: January 6, 2020 By: /s/ Stephen M. Scherr

Name: Stephen M. Scherr
Title: Chief Financial Officer